How to create an NFT marketplace

03.11.2021 16 4223
How to create an NFT marketplace

Non-fungible Tokens: Crucial –°oncepts And Basic Properties

Digital Assets

NFT Marketplace Development

NFT Marketplace Domain: Best Platforms For Trading

Develop NFT Marketplace: Efficiency And Prospects

Functioning Of  Blockchain Service

How To Create An NFT marketplace: 6 Steps To Launch

Custom Development Or Strategic Plan

Frequently Asked Questions–FAQ

 

Today, many people from various fields discuss such a direction as NFT art, which is developing at breakneck speed in the world. If you look for an industry where you may unleash your creative potential, earn a lot of money or gain popularity, NFT is for you!

 

Most composers, artists, and other creative personalities have already started selling their digital artworks on popular NFT marketplaces. And it is just the beginning! Although the NFT marketplace appeared a few years ago, now it is the heyday of the direction. The importance of the NFTs is primarily related to the opportunities that the NFTs give to the world. Besides, numerous NFT marketplace platforms are evidence of the popularity of the NFTs.

 

NFT owners are a new generation of people seeking to digitize and develop the NFT marketplace. Given the rapid NFT marketplace development, the NFT and crypto world is a unique chance for everyone to demonstrate intellectual and creative digital collectibles.

 

So, in this article, you will learn what the NFT direction is, how NFT marketplaces work and what NFT tokens are. Moreover, you will understand how to create NFT marketplaces and how to develop them. This article is digital content that allows you to look at the NFT world more broadly and globally. It contains all the necessary information that will help you to stay afloat.

 

Now, let's get acquainted with the basic concepts of the digital world and figure out what NFT tokens are.

 

Non-fungible Tokens: Crucial –°oncepts And Basic Properties

Before studying the step-by-step instructions "How to create an NFT marketplace," each person must view the basic concepts and NFT ecosystem.

 

A non-fungible token is a digital asset that has a unique identification code and metadata. Indeed, digital assets cannot be exchanged for equivalent units and copied or stolen.

 

In general, blockchain technology makes non-fungible tokens unique and, that's why nobody may steal digital assets because they have different codes. It is worth noting that NFTs, like other digital items, have their properties and characteristics. Experts often single out NFTs among other crypto-collectibles since these objects have an extensive functional component.

 

Here are some functions and characteristics of NFT

  • Authenticity

Primarily, you need to understand that only one person may own one NFT item! Other people cannot, together with this person, control the fate of this non-fungible token. Ownership of a particular digital asset is easy to prove through unique codes. For this reason, there is no point in stealing or copying NFT works. Such works will not have authenticity.

 

  • Trading

 

Another specific property of digital artworks is their marketability. Anyone who has an NFT collection may sell it on the largest NFT marketplace platforms! By the way, access to such an NFT marketplace is open to a wide range of users.

 

Undoubtedly, each NFT marketplace platform establishes its own rules of use and policy of trade and interaction. However, today anyone may register on the NFT platform and start trading digital items.

 

  • Non-interoperability

 

As noted above, NFTs are not equal to each other and are not identical! You cannot exchange, for instance, an NFT song for a digital game item. It also includes the inability to exchange NFTs for other digital assets, such as cryptocurrencies.

 

  • Conversion to money

 

What else should be said is about the liquidity of NFT assets. Different NFT marketplaces offer various opportunities for trading NFTs. However, there is something that brings them together, and it is the opportunity to trade non-stop!

 

The liquidity of NFT is high, and people trade their non-fungible tokens day and night through NFT marketplaces. Amazingly, you may independently determine the price for which you will sell a digital item. In this area, the elementary laws of the NFT market and demand apply. For instance, some NFT owners receive fabulous money for the sale of unique collections.

 

More crucial NFT features

  • Indivisibility

NFT tokens are digital assets, and therefore you cannot divide them into small denominations. Such a function is impossible! Who knows, maybe in the distant future, it will change, and people will start dividing tokens into smaller assets? But so far, these are just words.

 

  • Connectivity with multiple ecosystems

 

Depending on the blockchain technology, you may encounter different standards. However, the most common standards interacting with each other are ERC 1155 and 72. They make it possible to create non-fungible tokens for digital works.

 

  • Technical implementation

 

In general, for many people, everything related to the NFT world is complicated and incomprehensible. Some people think that they will not be able to create an NFT marketplace or digital works. However, this field has many possibilities and variations. If you are full of creative enthusiasm, you have a business idea, and a desire to develop in the NFT world, you will succeed. The non-fungible tokens do not have complex mechanics!

 

  • Scarcity

 

NFT developers use various methods of creating NFTs, and that's why you cannot change NFT characteristics. Moreover, each non-fungible token is unique and one of a kind. By labeling their digital goods, digital artists may engage in digital commerce by reselling items.

 

You have just reviewed the specific characteristics of NFT tokens that distinguish them from other digital assets. Remember that non-fungible tokens are a unique opportunity to become a part of the NFT world where its own rules of the game apply. If you are full of creative ideas and ready to dive into this area, there is a high probability of achieving excellent results in this direction.

 

Digital Assets

As you have already understood, NFT space is breaking all records for the development and appearance of NFT marketplaces. When people get involved in this area, they want to know the options for using NFTs.

 

As a rule, any NFT marketplace website provides a variety of destinations where people may sell and buy non-fungible tokens.

 

Here are some of these directions:

 

  • Unique digital creations
  • Text works and messages
  • A game item for characters
  • Musical works
  • Sports items
  • Video and 3D animation
  • NFT app
  • Tickets and paintings

 

Interim Takeaway

Thus, there are no restrictions in this area. You may digitize any creations and put them up for sale on any NFT platform you like. Still don't believe this is possible? Many experts believe that now the NFT direction is flourishing, and therefore it is necessary to develop in this right now.

 

Here are a few facts that will prove to you the popularity of NFT and the possibilities of this art. Jack Dorsey (the social network's founder of Twitter) sold his first tweet for $ 2.9 million. It would seem that one tweet and such fabulous money. But yes, it's possible!

 

Secondly, NFT tokens are the most expensive. For instance, one digital painting called "Everyday – The first 5000 days" of digital artist Beeple was sold for $69 million at British auction house Christie's! There are thousands of such examples. If you are still in doubt, look on the Internet for more examples of great deals. You will see that it is quite possible to become a part of such a sphere.

 

NFT Marketplace Development

 

1) Development indicators

NFT marketplace development is something that always excites both beginners and experienced users. People want to know how the NFT market will develop in a year, two, or even ten years. However, forecasts do not always come true with a high probability.

 

Considering the NFT marketplace development from 2018 to the present, the indicators are as follows: the market capitalization of NFT has increased tenfold! Just imagine what impressive figures these are. The importance of the NFT market and the value of digital works is growing every month.

 

However, such data also indicate the opposite. Thus, transactions of non-fungible tokens and their fixed price reflect instability in a new emerging market. For instance, the NFT gaming environment in comparison with art has disappointing forecasts.

 

However, it is possible to sell NFTs for an enormous amount of money, and therefore the present time is the best time to invest in NFTs. So, if you want to create an NFT marketplace platform, get started right now!

It is also worth adding that the number of NFT transactions and the use of the digital wallet increased by 97 percent from 2019 to 2020. Look carefully at the statistics by clicking on this link. Thanks to these data, you will see that the total volume of NFT has grown by 290 percent.

 

2) Marketplace functionality: own NFT marketplace website

NFT marketplace development is a very significant section! Everyone who wants to create their own NFT marketplace website should know what benefits it should bring to users. Let's look at the main functional features of any NFT marketplace platform. Thanks to this knowledge, it will be easier to create your own NFT marketplace website and attract people.

 

  • Transparent policy

 

It's no secret that people hate being cheated or trying to cash in on them. Therefore, if you want to open your own NFT marketplace, provide users with transparency of transactions.

 

To create any NFT platform, you need to use blockchain. The NFT marketplace based on a blockchain system will provide users with a transparent policy of interaction and use of the platform's capabilities. Besides, the blockchain stores all data in interconnected blocks, from where you may extract them. So, this scheme allows you to update personal data in all blocks. It follows that the blockchain system guarantees an error-free payment process on NFT websites.

 

  • User-friendly filters

 

Convenient filters to quickly search for various digital assets are a vital component of any NFT marketplace website. Thanks to this feature, users can quickly find the necessary works of art, saving time on the search.

 

If you want to create your own NFT marketplace, first of all, you should think about user convenience. Undoubtedly, custom NFT marketplace development is quite an energy-consuming business that requires time and effort. However, if you follow all the recommendations and benefit users, your NFT marketplace website will become popular.

 

  • Own storefront

 

NFT marketplace development is too fast, but as in any market, the laws of supply and demand also apply here. So, for easy control of supply and demand in the NFT market, the NFT marketplace website needs to enter an online inventory. Therefore, your NFT marketplace platform should have its storefront to manage non-fungible tokens.

 

More to consider

  • Trading and auction

 

Perhaps the most significant part of the NFT marketplace platform development is the convenient auction system. You should check all the filtering of the items put up for auction by the NFT. Also, you make sure that there is an expiration date in the form. Thanks to this option, you will provide an opportunity for people to control their bids. Finally, the addition of the auction watchlist allows users to track the current status of the price.

 

  • Digital wallet

 

Another vital component of NFT marketplace development is the integration of a digital wallet. By enabling this option, users may receive, send and store cryptocurrency and non-fungible tokens. If you have ever registered on any crypto exchange and created your crypto wallet, you understand what it is.

 

In general, there are many different NFT marketplaces with unique functions and rules. However, if you want your own NFT marketplace to stand out from others, users should be able to connect their preferred wallets. Therefore, your main task is to implement as many different options for connecting wallets as possible.

 

Crypto enthusiasts always drown for such an opportunity, and if you don't want to lose the user flow, you need to create maximum convenience for people.

 

  • Decentralized finance

 

Transaction decentralization completes the list of functions necessary for the NFT marketplace website.

 

What does the decentralized nature of the blockchain mean? It means that your non-fungible tokens are not stored centrally. Secondly, all data is copied and distributed over a computer network. When adding a new block, the data is changed and updated throughout the blockchain. Finally, if a hacker tries to steal your data, all information will be protected. In case of a hacker attack, only one copy of the information will be compromised.

 

To sum up, blockchain marketplace development is provided due to the emergence of new NFT marketplaces and the improvement of blockchain systems. If you want your NFT marketplace website to function without problems and benefit people, implement the above functions. Your main task is to make your NFT marketplace website more convenient and functional!

 

NFT Marketplace Domain: Best Platforms For Trading

As already noted, to develop an NFT marketplace, it is necessary to create an ideal strategy to attract people and show the benefits of your platform to people. In general, some non-fungible tokens marketplaces charge for mining NFTs, while others accept only specific cryptocurrencies and work on some blockchains. Any custom NFT marketplace has its pros and cons, as well as features that distinguish it from another marketplace.

 

In 2021, there was a boom in NFT marketplace development, as the number of platforms increased several times. Let's look at the best of them, which are worth looking up to when creating your own NFT marketplace.

 

1) OpenSea platform

The most famous and leading NFT marketplace website is the OpenSea platform. OpenSea has gained its reputation due to its transparent policy of interaction with users, reliability, and a wide choice of NFTs.

What can everyone buy or sell here:

 

  • Trading cards
  • Paintings and songs
  • Sports attributes
  • Animated pictures and videos

 

In terms of sales, such NFTs as collectibles and card games are leading on this platform. By the way, on the OpenSea platform, any artist may turn their work into a non-fungible token! Unlike other sites, you may create them here for free. You will need to pay when adding the first work for sale — the standard fee of the Ethereum network.

 

By default, this NFT marketplace offers to use the MetaMask wallet, which is a Chrome extension. However, you may also choose any other wallet. The OpenSea platform is decentralized. It does not store user tokens (they are stored on their MetaMask wallets).

 

Smart contracts guarantee transactions. If you are a beginner, you don't have this smart contract. To do this, you need to make two zero transactions and pay gas fees. Honestly, OpenSea is the most dedicated platform!

 

2) SuperRare

Another marketplace that is popular in the digital world is the SuperRare blockchain platform. Using the NFT marketplace website SuperRare, artists may produce SuperRare works in a limited edition! They may track all transactions on the blockchain.

 

Using this non-fungible tokens marketplace, people may buy artworks, participate in auctions, and resell the creations on an open-source blockchain platform at a higher price. Moreover, the SuperRare NFT marketplace allows people to create their own NFT marketplace and display works in virtual galleries!

 

As a rule, this blockchain platform also guarantees the security of the transaction through smart contracts. The service positions itself as an NFT market on Ethereum, offering exclusively unique digital creations. Moreover, the platform promises users transparency of blockchain ownership, which may also be a way to verify the authenticity of a work. In any case, SuperRare, based on Ethereum and smart contracts, is a reliable service.

 

3) Rarible site

Dedicated platform Rarible occupies a special place among NFT marketplaces! Haven't you heard of such an online service? Well, let's look at the advantages of this platform.

 

Rarible is one of the leading NFT marketplaces designed for the purchase and sale of NFTs. Active participants do not stay away: the platform rewards them with pleasant bonuses! So, active users receive a RARI coin.

 

What does the RARE coin give? It allows users to trade faster on the platform and make any transactions. In general, the Rarible marketplace platform was launched in early 2020 as an open-source marketplace for creating new NFTs, buying and selling them. Access to this site is free! Rarible is a maintenance-free site where you may control your NFTs. Creators may also own intellectual property rights to their works of art through proof of origin.

 

4) Atomic Hub

The NFT marketplace Atomic Hub was developed by people from the Pink Network who actively work with Proton and WAX blockchains. The platform works based on Eosio and allows users to trade non-fungible tokens!

 

The Atomic Hub is a large-scale service offering various digital content to people. Everything is linked to crypto art and gaming. Therefore, everyone may create and sell a game character or an instrument, a digital image, a song, and even a tweet.

 

To use the services of this NFT marketplace, users need to link one of the wallets to the service. The system allows you to attach accounts opened in an Anchor, Scattered, or WAX Cloud Wallet. When a user makes a transaction on the trading platform, a fee is charged. It usually represents a percentage of the amount received for the transaction. The marketplace charges a fee of 2 percent of the total amount. As a rule, the smart contract automatically makes it at the moment when someone buys a product.

 

5) Foundation NFT marketplace

Finally, another proven marketplace in the NFT sphere is the Foundation platform. Why should you pay attention to this online service?

 

This NFT marketplace is different from the other platforms. Firstly, you may trade only digital images on the Foundation marketplace. To purchase an art token, you do not need to register on the platform. You need to log in via MetaMask.

 

Secondly, to become an author and sell creations, you must join the official Discord community and share your works on the «intros-invites» channel. Indeed, people sell tokens through an auction. The one who has indicated a high price gets a job and becomes its owner. Therefore, it is better to pay attention to the following parameters when buying any non-fungible token: cost and time.

 

You have just viewed the most popular and proven NFT marketplaces that offer various options for the trading of digital goods. If you follow all the rules of these platforms, you will quickly trade NFTs!

 

Develop NFT Marketplace: Efficiency And Prospects

NFT marketplace development is a prospective business. There are several proofs:

 

  • The growth of market capitalization (from $141 million in 2019 to $338 million in 2020)
  • Tokens in the gaming sphere and digital art are worth millions of dollars
  • The trading card system costs more than $230 million

 

Besides, several striking examples demonstrate the success of NFT marketplace development. So, the cost of the crypto bank N6965 is $ 1.5 million. Plus, as of February 2021, sales of the best NFT platform OpenSea reached $ 95 million per month.

 

It is not difficult to guess that this NFT direction is developing rapidly, and all the above statistics demonstrate this. At the same time, any NFT marketplace creates its strategy for its prosperity and custom software development.

 

Therefore, if you want to achieve unprecedented results in this area, it's time to start exploring the digital world and create your own NFT service!

 

Functioning Of  Blockchain Service

So, now you have to study how the blockchain service and the smart contract work.

 

A smart contract (or transaction protocol) is the most significant element of the entire NFT system. Indeed, it is a self-executing contract between the customer and the seller, written in lines of code. It follows that Bitcoin is the basis of all smart contracts.

 

All smart contracts have unique information about digital work (NFT). The security and immutability of any data are provided, first of all, by these protocols.

 

Another vital component of the NFT sphere is the user flow. Usually, it is the same for all NFT websites. Firstly, visitors to your NFT marketplace must register by creating an account. Next, they need to link their crypto wallet to the platform and create NFTs.

 

All registered users get access to the platform and may buy or sell various collections. Moreover, they may independently configure the bidding system, and the owners of the NFTs ask for a percentage for the resale of their work. Finally, users must select the desired cryptocurrency for transactions and complete the sale or purchase. Participating in the NFT marketplace development, you must consider all these indicators and benefit your target audience.

 

How To Create An NFT marketplace: 6 Steps To Launch

Developing a personal business is not an easy task: it will take a lot of time and effort from you to do this. To launch your first NFT marketplace, you need to understand your audience. Also, it is necessary to develop a clear strategy and highlight the problems that you will solve in stages.

Let's look at the six main steps to develop your platform.

 

  • Defining a niche

 

Develop in the vertical market because you will have every chance to meet the requirements and expectations of your customers.

 

  • Roles for clients

 

Think in detail about what roles you can offer users. Should they be buyers, sellers, or administrators? When users visit a website, they need to understand how to use it and what opportunities they have.

 

  • Design project

 

You also need to take care of the documentation. If you do not prepare all the documents in advance, you risk losing time in the future!

 

  • Project implementation

 

After implementing the above steps, you will have to deal directly with the NFT marketplace. Choose the structure, review how the leading NFT platforms work and what mechanisms they use. If you want to save time and reduce costs, hire a professional developer of the NFT marketplace.

 

  • Random generation of tokens

 

As noted above, the blockchain system stores most of the data. If you want to make your NFT marketplace decentralized, use a token generator.

 

  • Testing and deployment

 

The final stage of creating an NFT marketplace is its testing and development. What does this stage include? As a rule, you, as the creator, must identify the pitfalls, understand where the website malfunctioned, and how to fix problems.

 

You need to check the software as well as the work of the support service. Moreover, do not launch an online service until you check its functionality. Imagine if it is convenient for users, and does it bring any benefit to them? If the NFT marketplace meets your expectations, it's a success! Otherwise, you need to finalize the website.

 

Custom Development Or Strategic Plan

Suppose you decide to create your first NFT marketplace where users will buy, sell and collect their creations. To develop a perfect service, you may use two ways: use prepared tools or create your own.

 

Using prepared tools, such as software, content management system, application programming interface, will save you time. Besides, you may hire a professional development company. It is an excellent method of creating an NFT marketplace.

 

What does this opportunity give:

 

  • Developers guarantee successful processes
  • Adding functions and updating existing ones is possible at any time
  • Attracting more users

 

Pros and Cons

Another option is to develop a strategy for launching the NFT marketplace yourself. Undoubtedly, this method is the most energy-consuming and requires careful verification. However, it also has advantages.

 

Pros:

 

  • High level of security
  • Compatible with many devices
  • The scale of development and user engagement
  • High functionality

 

Cons:

 

  • Complex management and team building
  • Large monetary investments
  • More time and resources spent

 

If you choose to make up an NFT marketplace by yourself, be ready to spend a lot of time and money! Moreover, in some cases, knowledge of various programming codes (CADENCE programming language or LIGO smart contract language) is required.

 

However, such a factor as security plays an essential role in the development of the service. Therefore, in this case, all data will belong only to your networks, and you may easily control them. And this is a big plus!

 

Final Words

To sum up, digitalization and development of the NFT sphere are what is happening right now! You can't do without it anywhere else: people invest a lot of money scaling the NFT world. If you have never created digital works before, it's time to start!

 

Many experts note the peak of the NFT prosperity, as more and more people are involved in this area. And if you start right now, you will have time to take your place. You even have an ideal opportunity to create your own NFT marketplace from anywhere in the world, be it the USA or Western Europe. The main thing is to adhere to the above recommendations and carefully approach the launch of the platform.

 

Frequently Asked Questions–FAQ

 

How much does it cost to build an NFT marketplace?

To build an NFT marketplace, you need to understand this topic in detail and allocate money. As a rule, it depends on the amount of work. For instance, if you want to purchase a service with a white-label, the cost will be less! If you are going to create a platform from scratch, you will need more investments. The same applies to functionality: the more complex the marketplace, the more expensive it is.

 

Can anyone create an NFT?

 

Absolutely anyone can create an NFT platform. However, for this, you will need knowledge about the NFT direction, the prospects of this business, and the team. Also, you must understand that creating an NFT service is not a quick process: it can take a lot of time.

 

What frameworks are used to develop an NFT Marketplace like OpenSea?

To create a platform like OpenSea, you need to use the following elements:

 

  • Ethereum Blockchain
  • User Flow
  • Service showcase
  • Convenient filtering
  • Comprehensive catalog management
  • Auction Board
  • Integration with all wallets
  • A detailed description of the products

 

By applying all these elements to creating your platform, you will succeed.

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